FORTUNA METALS LTD — Capital/Financing Update 2010

Apr 11, 2010

ADDRESS PHONE EMAIL PO Box 35 +61 (8) 9295 0388 info@frontierresources.com.au North Perth FAX WEBSITE WA 6906 Australia +61 (8) 9295 3480 www.frontierresources.com.au

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ABN 96 095 684 389 ASX : FNT

ASX Limited Company Announcements Office Announcement

12th April 2010

Excellent Gold Outcrop Trench Channel Sample Assay Results Kru Prospect, Leonard Schultz Exploration License, Papua New Guinea 16 metres Grading 18.60 g/t Gold Contained Within 76 metres Grading 5.35 g/t Gold

Frontier Resources is very pleased to announce the second group of highly encouraging gold assay results from hand trenching completed in March at the Kru Prospect in EL 1597, Sundaun Province, PNG (Figures 1 and 2, plus Photo 1). The Kru Prospect has never been drilled but the recent encouraging results suggests it is strongly warranted. The Company's Exploration Licenses in PNG are returning very encouraging high-grade gold results, demonstrating their excellent prospectivity and justifying the Company's previous and ongoing strategies.

The quartz-sulphide-gold veins and soil anomaly at the Kru Prospect cover an area of approximately 2,500m by greater than 100m, peripheral to the Wasi porphyry copper occurrence. Figure 3 shows the location of the Siaporufe Zone where the trenching occurred and the large size of the mineralised system noted by the generalised gold in soil assays.

Frontier re-located, joined together, deepened, extended and channel chip sampled the historically limited hand trenches in the Siaporufe Zone. Additional hand trenches were also excavated. Three long trenches were completed each higher upslope and wrapping around the SE terminating end of a ridgeline (shown in photo 1). Two trenches have been analysed and gold assays and mineralised zones are shown in Figure 3.

The gold assay results demonstrate excellent overall continuity to the lower grade gold mineralisation over an area of greater than 200m x greater than 125m and good continuity at potentially economic grades. The gold mineralisation dips moderately/steeply NE and is open in all directions (but notably to the NW /SE).

Peak assay grades from the Kru trench sampling included 4m of 52 g/t gold and 5.6m of 9.46 g/t gold. The weighted average of the higher grade mineralisation analysed is 76 metres of 5.35 g/t gold, including 16 metres of 18.60 g/t gold, plus 10m of 1.33 g/t gold, 4m of 2.03 g/t gold, 16m of 0.97 g/t gold, 8m of 0.72 g/t gold and 4m of 0.97 g/t gold. The first trench results reported to the ASX on 22/3/2010 included 22m of 2.71 g/t gold, 36m of 1.15 g/t gold and 4m of 3.23 g/t gold.

Photo 1 shows the Kru Prospect looking to the N-NE and the Siaporufe Zone is underneath the arrow that shows the strike direction of the gold mineralisation. Photos 2 and 3 show fractured gold mineralised intrusive in the trench prior to sampling and photo 4 shows a quartz-sulphide-gold vein.

The vertical interval (RL) between gold mineralisation noted in creeks and trenches is estimated to be approximately 80m. This highlights the substantial minimum vertical component to the gold mineralisation that is already known and the prospectivity of the system.

The Kru Prospect is located about 80km to the north of Bulago, where very high-grade gold channel samples were recently announced. For additional information relating to Frontier Resources Ltd, please see the ASX releases 3/4/2009, 28/1/2010, 2/3/2010 and 22/3/2010, visit our website at www.frontierresources. com.au or feel free contact me.

FRONTIER RESOURCES LTD

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P.A.McNeil, M.Sc. MANAGING DIRECTOR

The information in this report that relates to Exploration Results is based on information compiled by, or compiled under the supervision of Peter A. McNeil - Member of the Aust. Inst. of Geoscientists. Peter McNeil is the Managing Director of Frontier Resources, who consults to the Company. Peter McNeil has sufficient experience which is relevant to the type of mineralisation and type of deposit under consideration to qualify as Competent Person as defined in the 2004 Edition of the Australasian Code of Reporting Exploration Results. Peter McNeil consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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